Technical Analysis of GBP/CHF for May 09, 2016
Technical outlook and chart setups:
The GBP/CHF pair is seen to be stalling at 1.4020/50 levels and might be looking to reverse lower. The pair is trading at 1.4010 levels at this moment, and bears may want to push prices lower towards 1.3700 levels at least, before turning bullish. The wave structure indicates that a bullish gartley might be formed at 1.3650/1.3700 levels. Please note that the drop would be corrective in nature and should not be mistaken for a resumption of the downtrend until prices break below 1.3550 levels. It is recommended to book profits on long positions taken earlier and remain flat for now. Immediate resistance is at 1.4220/30 levels, while support is seen at 1.3700 levels respectively.
Trading recommendations:
Book profit on long position taken earlier and remain flat for now.
Good luck!
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